Plant-Based Food Market Size, Share Global Analysis Report, 2023 – 2030

Industry Insights

[211+ Pages Report] According to Facts and Factors, the global plant-based food market size was valued at USD 9.84 billion in 2022 and is predicted to surpass USD 30.20 billion by the end of 2023. The plant-based food market is expected to grow by a CAGR of 15.07%.

The research report includes industry trends, growth factors, pricing analysis, and restraints of the plant-based food industry. Furthermore, it also explores the geographical and competitive landscape of the marketplace.

Market Overview

Plant-based food is derived from different plant sources like vegetables, grains, legumes, nuts, etc. These products are entirely free of any animal or animal by-product. Plant-based foods are ideal for individuals following vegan, vegetarian, or plant-based diets.

Key Insights

• As per the analysis shared by our research analyst, the global plant-based food market size is estimated to grow annually at a CAGR of around 15.07% over the forecast period (2023-2030).
• In terms of revenue, the global plant-based food market size was valued at around USD 9.84 billion in 2022 and is projected to reach USD 30.20 billion by 2030.
• The increasing investment in the food industry is likely to drive the growth of the global plant-based food market.
• Based on the distribution channel, the dairy substitute segment is expected to dominate the growth of the global market.
• Based on the source, the soy segment is expected to swipe the largest share of the global market.
• Based on the type, the supermarket segment is expected to hold the largest share of the global plant-based food market.
• Based on region, North America is expected to dominate the global market during the forecast period.           

Growth Drivers

• Increasing investment in the food industry is likely to drive the growth of the global market.

Food companies are viewing veganism and flexitarian diets as potential areas to drive more revenue to the market. Therefore, companies are investing heavily in product innovations to reach a larger consumer base in the plant-based food industry.

However, the increasing awareness among people regarding the health benefits of consuming plant-based diets is further inclining them towards plant-based diets. Additionally, the growing concerns regarding environmental sustainability and animal cruelty are also propelling people to shift their animal-based diet towards plant-based meals.

Therefore, such a landscape is expected to boost the growth of the global market. For instance, Griil innovated a range of unique burgers in 2019 owing to the rising demand for plant-based burger products. The company named its special plant-based burger Beyond Burger.

Restraints

• High prices are likely to limit the growth of the global market.

Plant-based food products are priced quite high when compared to their animal counterparts. However, the premium prices of plant-based food products are due to their organic and vegan ingredients. But such a landscape is likely to slow down the growth of the global plant-based food industry in the forthcoming years.

Opportunities

• Rise of vegan and flexitarian lifestyles is likely to offer lucrative growth opportunities in the global market.

The number of people following vegan or flexitarian lifestyles is constantly increasing. A larger number of individuals are looking forward to plant-based meals as a part of their dietary choices. Therefore, such a landscape is likely to offer lucrative growth opportunities in the global plant-based food market in the forthcoming years.

Also, more and more supermarkets and hypermarkets are including vegan products in their stores due to the growing popularity of plant-based diets, thereby making these products widely accessible, which in turn will also widen the scope of the industry.

For instance, Hindustan Unilever in May 2021 partnered with ENOUGH to come up with innovative plant-based meat products. The product technology utilizes a patented zero-waste fermentation procedure to produce a high-quality protein.

Challenges

• Absence of a large number of meal options is a big challenge in the global market.

Consumers cannot rely on a handful of plant-based meal options for a longer time period. People are always in search of innovative and new meals every time they visit any restaurant or dining venue, which in turn is likely to limit the growth of the global plant-based food industry.

Also, it is difficult for manufacturers to satisfy consumers with their plant-based meals because of the absence of a similar texture and mouthfeel as their animal counterparts, which in turn is also a big challenge for the manufacturers in the industry.

Segmentation Analysis

The global plant-based food market can be segmented into distribution channel, source, type, and region.

By distribution channel, the market can be segmented into e-commerce platforms, convenience Stores, departmental stores, supermarkets, hypermarkets, and offline sales channels. The supermarket segment is expected to grow at a rapid rate due to the increasing sales of plant-based meals in well-established supermarket chains.

Additionally, consumers prefer brick-motor grocers owing to the wide availability and easy access to products. Moreover, the hectic lifestyle of people does not allow them to spend time with their families, and as a result, people are visiting supermarkets to eat fresh foods and spend some time with family. Therefore, such a landscape is expected to propel the growth of the segment in the forthcoming years.

By source, the market can be segmented into rice, pea, wheat, soy, and others. The soy segment is expected to swipe the largest share of the global plant-based food industry during the anticipated period. The high growth rate can be attributed to the high demand from meat alternatives manufacturers.

Additionally, the wide availability of soy raw products at lower prices as compared to other sources is further expected to boost the growth of the segment. However, the pea-based segment is also likely to grow rapidly during the anticipated period due to its growing popularity and the increasing usage of plant-based burgers, sausages, and others. Pea is widely used in restaurants all across the globe for preparing plant-based meals.

By type, the market can be segmented into seafood substitute, egg substitute, meat substitute, dairy substitute, and others. The dairy substitute segment is expected to dominate the growth of the global plant-based food market. The growing incidences of lactose intolerance, along with the high penetration rate of dairy substitute products, are expected to propel the growth of the industry significantly in the forthcoming years. Traditional dairy base ingredients include milk, butter, cheese, yogurt, and others.

However, the plant-based dairy substitutes of these traditional dairy products are made from the sources like coconut, soy, almonds, oats, rice, and others. Also, the meat alternative segment is also likely to grow steadily in the forthcoming years due to the high consumption rate of meat products. Additionally, plant-based meat alternatives are widely available at affordable prices, which in turn is also expected to attract the consumer.

Report Scope

Regional Analysis

• North America to dominate the global market.

North America is expected to swipe the largest share of the global plant-based food market in forthcoming years. The high growth rate of the region is due to the presence of a large flexitarian or vegan population. Around 70% of consumers globally are looking forward to plant-based meals because of the impact of animal-based products on the environment, society, and animals.

The United States is coming forward in the high production and consumption of plant-based food to reduce its carbon footprint and energy consumption in the coming years. Additionally, the growing impact of plant-based diets on health is further attracting people towards vegetarian or vegan diets.

Asia Pacific is expected to grow parallelly in the global plant-based food industry in the forthcoming years due to the traditional culture of the region of relying more on plant-based products. Additionally, the surging trend of veganism is further likely to propel the growth of the regional market.

Moreover, the growing product innovation in the region is also expected to drive the attention of international and domestic food companies. Companies are increasing their investments in the region to utilize emerging technologies and skilled workforce to come up with a wide option of plant-based meals in vegan restaurants. For instance, Good Mylk, in March 2022, successfully took over PRO2FIT. It is expected to manufacture vegan protein powders across India.

Europe is forecasted to develop significantly in the forthcoming years due to the presence of strong market players in the region. Also, the growing interest of people towards the vegan and flexitarian diet is further expected to boost the growth of the regional market during the anticipated period.

Competitive Analysis

The key leaders in the global plant-based food market include:

• Bionova 
• Herbalife International of America Inc. 
• Glanbia PLC 
• NOW Foods 
• Health Food Manufacturers' Association 
• U.S. Spice Mills Inc. 
• TOOTSI IMPEX Inc. 
• Premier Nutrition Corporation 
• Medifast Inc. 
• Mead Johnson & Company LLC. 
• RiceBran Technologies 
• Nestlé SA 
• GlaxoSmithKline plc. 
• The Nature's Bounty Co. 
• Amway 
• DuPont. 
• Bayer AG

For instance, Treeline Cheese, in March 2020, innovated a product range of cream cheese based on plants with cultured sourced cashew nuts. The products are widely available in strawberry, onion, chive, and unflavored.

The global plant-based food market is segmented as follows:

By Distribution Channel Segment Analysis

• E-Commerce Platforms
• Convenience Stores
• Departmental Stores
• Supermarkets
• Hypermarkets
• Offline Sales Channels

By Source Segment Analysis

• Rice
• Pea
• Wheat
• Soy
• Others

By Type Segment Analysis

• Seafood Substitute
• Egg Substitute
• Meat Substitute
• Dairy Substitute
• Others

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America